10 Cardinal Company is considering a project that would require a $2,782,000 investment in equipment with a useful life of five years. At the end of five years, the project would terminate and the equipment would be sold for its salvage value of $200,00 The company's discount rate is 18%. The project would provide net operating income each year as follows: 25 $2,873,000 1,019,000 1,854,000 points 8 02:30:34 Sales Variable expenses Contribution margin Fixed expenses: Advertising, salaries, and other fixed out-of-pocket costs Depreciation Total fixed expenses Net operating income $754 , 516,400 1,270,400 $ 583,600 Required: What is the project's payback period? (Round your answer to 2 decimal places.) Project's payback period years A Mc Graw Hill O SI NE 4 9 10 x w 99% la